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CurrencyFair

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  • 16-11-2015 2:47pm
    #1
    Toysrus
    Registered Users Posts: 31 ✭


    Hi,

    I've a few quick questions in relation to CurrencyFair and I reckon the wise heads at Boards would sort me out.
    From reading the Australia forum over the years I've only ever seen good review of CurrencyFair and I've used them in the past to transfer a small amount, when I saw how much the banks gouged out of previous transfers.
    Now I have to move a more substantial sum (> €20k) from Ireland to Australia and wondered:
    1. Are people still happy with CurrencyFair or is there a better way to move this kind of sum into an Aussie back account?
    2. I've used the convertor on the CF home page and comparing the rates between AIB (1 EUR = 1.4632 AUD)+ CF (1 EUR = 1.5037 AUD) do seem to confirm CF's savings claims but is that the whole story? Perhaps the banks offer better rates depending on the amount being transferred?
    3. Are they reliable? Have other moved large sums using them before and did it go well or are there an pitfalls that I should be aware of?
    Thanks in advance. I know that these are fairly half-formed questions but I'm just trying to decided if it's safe to use CurrencyFair or whether it's better to use the banks, in spite of their poor exchange rates.


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    #2
    aido79
    Moderators, Regional Abroad Moderators Posts: 5,374 Mod ✭✭✭✭aido79


    Toysrus wrote: »
    Hi,

    I've a few quick questions in relation to CurrencyFair and I reckon the wise heads at Boards would sort me out.
    From reading the Australia forum over the years I've only ever seen good review of CurrencyFair and I've used them in the past to transfer a small amount, when I saw how much the banks gouged out of previous transfers.
    Now I have to move a more substantial sum (> €20k) from Ireland to Australia and wondered:
    1. Are people still happy with CurrencyFair or is there a better way to move this kind of sum into an Aussie back account?
    2. I've used the convertor on the CF home page and comparing the rates between AIB (1 EUR = 1.4632 AUD)+ CF (1 EUR = 1.5037 AUD) do seem to confirm CF's savings claims but is that the whole story? Perhaps the banks offer better rates depending on the amount being transferred?
    3. Are they reliable? Have other moved large sums using them before and did it go well or are there an pitfalls that I should be aware of?
    Thanks in advance. I know that these are fairly half-formed questions but I'm just trying to decided if it's safe to use CurrencyFair or whether it's better to use the banks, in spite of their poor exchange rates.

    I regularly use currencyfair and to be honest would not even consider using a bank to transfer money between the two countries anymore. I have used it to transfer large sums and to be honest I was just as sceptical as you are when I first started using it. If you are uncomfortable transferring a large sum first off then start with smaller amounts. I have always found their customer service to be really good and helpful whenever I've had any queries.


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    #3
    statina
    Registered Users Posts: 330 ✭✭statina


    Used CF to transfer large sums a number of times and never had any issues. They're excellent, highly recommend them


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    #4
    BlueLass
    Closed Accounts Posts: 148 ✭✭BlueLass


    Have also used currency fair to transfer large amount,no problems at all and no high bank fees,would definitely use again and recommend them with no hesitation.


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    #5
    Toysrus
    Registered Users Posts: 31 ✭Toysrus


    That's great and just the reassurance I needed.
    Thanks a lot, aido79, statina + BlueLass.
    Mind you, it'll still be squeaky bum time while the money's in transit! :D


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    #6
    Toysrus
    Registered Users Posts: 31 ✭Toysrus


    Hit a snag already!
    AIB only allow transfers of up to €5k daily. It looks like the BOI limit is much higher.

    Any of you found a way to get money larger sums of money into CurrencyFair other than multiple transactions?

    If I do go for multiple transactions then I'l be paying €3 (or $4 AUD) Transfer fee for each one but getting a much better rate than the bank can offer? I suppose that's wouldn't be too terrible.


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    #7
    Kevhog1988
    Registered Users Posts: 3,959 ✭✭✭Kevhog1988


    im using transferwise pretty often now.


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    #8
    Hasmunch
    Registered Users Posts: 927 ✭✭✭Hasmunch


    Toysrus wrote: »
    If I do go for multiple transactions then I'l be paying €3 (or $4 AUD) Transfer fee for each one but getting a much better rate than the bank can offer? I suppose that's wouldn't be too terrible.

    Trasnfers in are free.

    Just wait until you have all the money exchanged and deposit into your Australian account in one go. You only pay the $4 fee once then.


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    #9
    Dats_rite
    Registered Users Posts: 289 ✭✭Dats_rite


    If anyone is thinking of joining currencyfair PM me and I can refer you and we both get €15 free. I'll send you a referral link and you just click on that link and go through the same sign up process

    Easy Money!


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    #10
    skippy2
    Registered Users Posts: 393 ✭✭skippy2


    Use CF regularly and never had any issues find their service great. Large and small amounts. If you are concerned just do a few smaller transactions but dont really see the need.

    Why would you even think of trusting a bank and not trusting CF. Really warped logic ;-)


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